With the growth of the Chinese online video industry, the e-commerce giant, Alibaba has bought 8% share of Bilibili, one of the leading video streaming services in China.
Bilibili was included on the US stock exchange list which led Alibaba to the investment. With more than 92 million monthly users, it features anime, gaming content, and several other comics, especially for the millennials.
This new investment from Alibaba has strengthened both of the companies’ existing partnership. The move from Alibaba has led to a 4% uprise in Bilibili’s stocks.